Article provided by PayFast
It’s November and that means Black Friday Cyber Monday (BFCM) is looming (taking place on 24th and 27th of November). Now, we all know there will be CHAOS from customers both in-store and online but let’s try to avoid the frenzy among business owners by doing one thing – prepare.
Here is what we know from last year.
- By the end of the day on Black Friday PayFast processed a 300% volume compared to a normal busy day (like payday).
- There was a 290% difference in the number of new online buyers compared to 2015.
- People spent a lot more on BFCM, with a 350% increase of transaction value.
With those stats from last year one could say we’re going to see online sales skyrocket for BFCM 2017 so you should be a part of this. BFCM is not just for big stores that have the budget and manpower to offer special deals and discounts. Whether you are an individual or business your online store can reap the rewards of BFCM too.
Here are 5 tips to prepare for BFCM (from your favourite payment gateway):
A recent study done by RetailMeNot (a US-based online deal finder) saw that 85% of shoppers are expecting BFCM deals way before the 24th and 27th of November with 21% expecting deals from as early as the 7th of November. So start advertising your BFCM deals as soon as possible to whet your customer’s appetites.
Speaking of advertising early, sending out emails to your subscribers is a great way to let people know about any BFCM deals or sales you’re having. Your subscribers are loyal, often returning customers, so they are the people most likely to buy from you. Use your mailers to build anticipation about your offering and get your loyal customers to take part in the shopping frenzy. Take a look at these great email ideas from Shopify.
Optimise for mobile
Last year there was a marked increase in the number of purchases made on mobile phones so make sure your website is mobile responsive. Use a handy Chrome extension called Window Resizer where you can test your website at different screen resolutions (for free). Test your site on your own mobile to check if the user experience is easy for your customers to make purchases.
Enable ALL your Payment Methods
Last year, due to the incredible volume of online credit card transactions some banks experienced problems with 3D Secure. This caused many credit card transactions to fail so customers had to use Instant EFT to make payments. Be prepared by making sure all your payment methods are enabled to give your customers as many payment options as possible.
If you have a PayFast account, log into your PayFast dashboard, navigate to the Settings tab > Payment Methods. From there you can see all your payment methods such as credit or cheque cards, Instant EFT, mobicred, masterpass, bitcoin and debit cards. Click the Edit button to enable any payment methods that aren’t active.
Many South Africans are still unsure about shopping online. Build trust by making sure your website adheres to the correct security requirements for processing payments online. By using PayFast’s redirect method to make payment your customers are able to complete their purchase in our secure environment. You can read more about online payment security on our blog. We take care of all security measures so you don’t have to.
The countdown to BFCM begins! Now that you have some tips to get going we’re looking forward to seeing our merchants share in the pandemonium that will take place at the end of this month.
Learn how PayFast can work for you this BFCM, get in touch on firstname.lastname@example.org.